In or Out of Mortgage Trouble? A Study of Bankrupt Homeowners
INTRODUCTION
For decades, homeowners have populated the bankruptcy system in significant numbers. Today’s prevalent narrative features a delinquent mortgage, and a race against time to enlist the bankruptcy system in the fight to keep the family home. Yet, many bankrupt homeowners do not see themselves reflected in that narrative. In 2007, only about half of bankrupt homeowners identified explicit home- or mortgage-related reasons for filing bankruptcy. The rest told different stories about their paths to bankruptcy court.
This project investigates what makes homeowners more or less likely to have mortgage troubles as they head into bankruptcy. We studied factors that distinguish the non-delinquent from the delinquent, the severely delinquent, and then those who reported foreclosure initiation.4 To our knowledge, this is the first econometric study of these questions among bankruptcy filers. We used the 2007 Consumer Bankruptcy Project (2007 CBP), which is a nationally representative dataset about families who filed for bankruptcy in early 2007.5 Our paper is the first to incorporate substantial information from a homeowner subsample who answered in-depth questions over the telephone about their mortgages, their relationships with their loan servicers, and other issues surrounding homeownership. We also incorporated statelevel information on foreclosure laws and comparative information about American homeowners from the American Housing Survey.
Full paper below…
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4closureFraud.org
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In or Out of Mortgage Trouble? A Study of Bankrupt Homeowners
I will like to see this document from 2008 to today 2012 it will be drastically different
Actually, probably not, with the possible exception that more people are opening their eyes to what is going on, but that is still a small percentage, just a little higher than five years ago, that’s all
Not enough people know the truth……..these mortgages are unsecured debts and should be extinguishable in a bankruptcy…..obama knows this and had the opportunity to fix this and he did nothing…..
Key words lvent, SHOULD be and really by LAW must be, yet even bankruptcy judges are ignoring many laws.
incognito 123…A friend of the family who is a vietman vet was in fraudclosure…his case got thrown out of court because of the fraudulent affadavits by Fisher & Shapiro…he was told they did not have the note but he ended up losing his house in a bankruptcy…My husband asked him why did you let them take your house? he said he did not want the house anymore..my husband told him I think that attorney screwed you… that he should have kept the house and rented it out..We think he got taken advantage of somehow by his attorney…but you know you really can’t pry into these matters…you just can’t trust these attorneys…at all!
2007 – that’s not current. 2008 was the year Banksters were threatening to blow up the world, unemployment went more towards hell the years following that special event, pushing many more to Bankruptcy court to at least delay the vicious predators.